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MasterCard Tries to Address Fraud Management Challenges with a New Suite of Solutions

Monday, February 22, 2016

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PURCHASE, NY: MasterCard announces MasterCard IQ series, a suite of solutions that uses real-time intelligence to enable issuers make more informed fraud management decisions.

The suite enables card holders and merchants to experience a lesser number of transactions unnecessarily declined while maintaining the highest levels of security during transactions.

According to Javelin’s research report, one out of six card holders have experienced at least one decline in the past year because of suspected fraud. The MasterCard IQ series includes two core products that provide insights into cardholders’ spending habits:

Authorization IQ – provides issuers with segmented account spending insights to help them make more informed authorization decisions. Unique and historical behavior of the card is used to predict and assess risk against a current transaction, decreasing false declines.

Assurance IQ – enables the exchange of vital information from the merchant about the circumstances of a transaction. This enables MasterCard to provide a blended risk score about the transaction to the issuer, enhancing confidence in the approval.

Statistics with respect to false decline:

-The value of false declines per year has hit $118 billion, according to a Javelin research report.

-Cardholders who use their cards more as when in a case of travelling have been accounted for half of all false decline transactions, according to a MasterCard analysis report.

-If falsely declined, cardholders tend to change attitudes around the card and retailers. 39 percent abandon that card after a false decline, while a quarter decrease card usage. 32% say they plan to stop shopping at the retailer where they were declined their transaction- according to a Javelin research report.

Master Card has delivered multiple layers of technologies such as Europay, MasterCard and Visa (EMV), tokenization, biometrics, location alerts and MasterCard Safety Net, ensuring the safety of cardholders and retailers alike with every transaction.

“While the industry has relentlessly worked to reduce fraud, some of these efforts have resulted in an increase in transactions being needlessly declined,” says Ajay Bhalla, president of Enterprise Security Solutions, MasterCard. “Nobody likes being falsely accused of something. Our IQ products leverage technology and insights to deliver merchants and consumers a convenient, uninterrupted checkout experience.”

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